As reported by theonering.net, Peter Jackson and the studio have agreed to release 3 films under the label of the Hobbit franchise. ("There and Back Again" to be changed to "Still Walking") :D
They say they're going to use material from the appendices to the LOTR. That means EPICLY HUGE DWARF VS. GOBLIN BATTLES! And, possibly, you guessed it, appearances in character from Viggo Mortensen and Liv Tyler in "Overdone Romance, the prequel"
Update: I understand somewhat better where it's coming from now, but that does not really change my opinion that the story is simply too short.